Project Management Essay

Riordan Manufacturing Project Management Plan (Week 2)
Riordan Manufacturing is relocating its China plant from Hangzhou to Shanghai. After a project scope and Work Breakdown Structure has been established, the project management team must determine a budget. According to author Gregory M. Horine, the budget of the project must account for every single task, and should be able to cover for the project throughout its entire lifecycle. One of the most essential tools for identifying a proper project budget is by consulting the ...view middle of the document...

The Optimistic parameter refers to all of the aspects of a task or activity happening on a best-case scenario. In this parameter the materials and resources are one hundred percent available, and there are virtually no interruptions. The project may get done with almost a year earlier. This parameter is risky because it does not leave much room for risk management and contingency planning. The reason the team decided to leave the option of the Optimistic parameter is because stakeholders put a large amount of weight on the relationship between time and cost. For them, the less time the project takes, the less money it is going to cost. However, the team feels very reluctant to consider this parameter because of the increased risk.
Finally, the Pessimistic parameter includes a worst-case scenario view for each task and activity. Within this parameter, the resources are scarce and availability is difficult to obtain. Interruptions are frequent, which may set the project finish date to five years and a couple of months more. The team chose this method because it allows viewing the project schedule through three different perspectives. The team will use a combination of the three parameters to establish a realistic timeline and schedule.
For cost management, the Project Management Team chose the Expert Judgment technique. The team is diverse, as it contains members from several functional areas within Riordan Manufacturing. This diversity allows for expert input of an estimate cost for all tasks, resources, and activities involved in the project.
Project Budget
Phase
Task
Cost
1: Initiation
Initial meetings with the team, document preparation, presentation and submission of project plan to top management.
...

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